The renovation of the 19-story David Whitney Building in downtown Detroit was awarded a total of $8.5 million in state grants.

Gov. Rick Snyder announced incentives awarded to 14 companies from the Michigan Strategic Fund that officials said would help spur $1 billion of investment in the state and create about 4,500 jobs.

“Our reinvention of Michigan is all about more and better jobs for families and bright futures for our children,” Snyder said in a statement. “At the end of the day, that’s what this announcement really means.”

For the renovation, Whitney Partners, a commercial real estate development company, was awarded a $1-million Community Revitalization Program performance-based grant and a $7.5-million performance-based loan for the project in downtown Detroit.

The incentives are just one small piece of the total financing going into the project. Developers said it will transform the building into 108 residential apartments and 135 hotel rooms, with retail space on the first floor, and restore access to the Detroit People Mover stop at the building. The project is expected to create 75 permanent full-time jobs and capital investment of $82.5 million.

Asked whether right-to-work legislation that passed the Legislature and was signed into law in December had an impact, Snyder said: “These companies had been in the pipeline for some time. ... I wouldn’t say that would be a major focus.”

“It’s very broad-based,” Snyder said of today’s announcements, noting they include foreign investment from international firms such as Magna and Denso and investments by longtime Michigan companies such as Whirlpool.